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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,0x - 11,0x | 10,5x |
| Selected Fwd EBITDA Multiple | 8,6x - 9,5x | 9,0x |
| Fair Value | 1.369¥ - 1.475¥ | 1.422¥ |
| Upside | 7,8% - 16,1% | 11,9% |
| Benchmarks | Ticker | Full Ticker |
| Mandom Corporation | 4917 | TSE:4917 |
| Noevir Holdings Co., Ltd. | 4928 | TSE:4928 |
| Milbon Co., Ltd. | 4919 | TSE:4919 |
| Shiseido Company, Limited | 4911 | TSE:4911 |
| KOSÉ Corporation | 4922 | TSE:4922 |
| Pola Orbis Holdings Inc. | 4927 | TSE:4927 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 4917 | 4928 | 4919 | 4911 | 4922 | 4927 | ||
| TSE:4917 | TSE:4928 | TSE:4919 | TSE:4911 | TSE:4922 | TSE:4927 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -9.0% | -2.1% | 2.0% | -17.4% | -14.3% | -10.5% | |
| 3Y CAGR | 16.5% | 7.3% | -1.7% | -16.0% | 5.2% | -3.0% | |
| Latest Twelve Months | -18.9% | -2.7% | 16.8% | -29.3% | 6.7% | -6.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.4% | 19.4% | 20.5% | 9.7% | 11.4% | 13.4% | |
| Prior Fiscal Year | 9.9% | 19.6% | 16.3% | 9.6% | 8.8% | 13.7% | |
| Latest Fiscal Year | 9.1% | 19.5% | 17.8% | 6.7% | 8.8% | 13.0% | |
| Latest Twelve Months | 7.2% | 18.8% | 17.8% | 6.7% | 8.8% | 13.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.35x | 1.75x | 1.42x | 1.18x | 0.67x | 1.17x | |
| EV / LTM EBITDA | 4.8x | 9.3x | 8.0x | 17.7x | 7.7x | 9.0x | |
| EV / LTM EBIT | 22.8x | 10.1x | 10.7x | -122.0x | 12.4x | 14.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.8x | 8.0x | 17.7x | ||||
| Historical EV / LTM EBITDA | 9.0x | 13.2x | 16.0x | ||||
| Selected EV / LTM EBITDA | 10.0x | 10.5x | 11.0x | ||||
| (x) LTM EBITDA | 22,163 | 22,163 | 22,163 | ||||
| (=) Implied Enterprise Value | 220,908 | 232,535 | 244,162 | ||||
| (-) Non-shareholder Claims * | 81,443 | 81,443 | 81,443 | ||||
| (=) Equity Value | 302,351 | 313,978 | 325,605 | ||||
| (/) Shares Outstanding | 221.3 | 221.3 | 221.3 | ||||
| Implied Value Range | 1,366.46 | 1,419.01 | 1,471.56 | ||||
| FX Rate: JPY/JPY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,366.46 | 1,419.01 | 1,471.56 | 1,270.50 | |||
| Upside / (Downside) | 7.6% | 11.7% | 15.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4917 | 4928 | 4919 | 4911 | 4922 | 4927 | |
| Enterprise Value | 26,280 | 112,059 | 73,031 | 1,169,248 | 216,118 | 199,675 | |
| (+) Cash & Short Term Investments | 28,983 | 23,270 | 13,829 | 98,479 | 113,970 | 64,083 | |
| (+) Investments & Other | 9,316 | 4,164 | 3,012 | 112,572 | 39,632 | 19,498 | |
| (-) Debt | (89) | (806) | 0 | (363,160) | (11,222) | (2,115) | |
| (-) Other Liabilities | (6,443) | (525) | 0 | (22,169) | (18,334) | (23) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 58,047 | 138,162 | 89,872 | 994,970 | 340,164 | 281,118 | |
| (/) Shares Outstanding | 45.1 | 34.2 | 32.6 | 399.4 | 57.1 | 221.3 | |
| Implied Stock Price | 1,286.00 | 4,045.00 | 2,760.00 | 2,491.00 | 5,961.00 | 1,270.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,286.00 | 4,045.00 | 2,760.00 | 2,491.00 | 5,961.00 | 1,270.50 | |
| Trading Currency | JPY | JPY | JPY | JPY | JPY | JPY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |